In a move that’s shaking up Canada’s gold mining landscape, New Found Gold (TSXV:NFG) has officially taken over Maritime Resources. The deal, announced earlier this year, has now been sealed, creating a new powerhouse in the Canadian gold industry.
New Found Gold, once a newcomer in exploration, has rapidly transformed into a budding gold producer. By snatching up Maritime Resources, the company now boasts two prime assets in Newfoundland: the Queensway gold Project and the Hammerdown gold project.
Keith Boyle, New Found Gold’s CEO, is bullish about the merger. He said, “In less than a year, New Found Gold has transformed from an early-stage exploration company to an emerging Canadian gold producer with camp-scale exploration potential. Today we see two high-quality assets, the Queensway gold project and the Hammerdown gold project, located in a Tier 1 jurisdiction with strong synergies, come together at a time of highly favourable gold prices.”
The deal sees Maritime Resources shareholders receiving 0.75 New Found Gold shares for each Maritime share they held. As part of the shake-up, Allen Palmiere, a seasoned mining executive, has joined New Found Gold’s board, while Melissa Render has stepped down.
Garett Macdonald, Maritime’s outgoing CEO, expressed optimism about the merger: “We are pleased with the completion of the business combination and are excited for New Found Gold as it grows into Canada’s newest mid-tier gold producer.”
This acquisition is just one part of New Found Gold’s ambitious expansion plans. The company recently announced a deal to increase its Queensway project by a third, potentially covering 2,440 sq. km (234,050 ha).
With gold prices riding high and two promising projects now under its belt, New Found Gold is positioning itself as a rising star in Canada’s gold mining sector. Industry watchers will be keeping a close eye on how this newly formed gold producer performs in the coming months.
More information is posted on www.NewFoundGold.ca.
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